Primary Insurance Contractor's insurance coverage shall be primary insurance with respect to the Department, its officers, officials, employees, and volunteers and shall apply separately to each project or location. If purchased this insurance shall include interests of the Owner, Contractor, Subcontractors and Sub-subcontrators in the Work. Thereafter, the Borrower shall provide to the Bank proof of payment of future premiums upon the request of the Bank.īoiler and Machinery Insurance The Owner shall have the option of purchasing and maintaining boiler and machinery insurance required by the Contract Documents or by law, which shall specifically cover such insured objects during installation and until final acceptance by the Owner. A duplicate of the policy and the loss-payee endorsement or rider must be delivered to the Bank at the time of execution and delivery of the Loan Documents together proof of premium payment. The loss-payee endorsement or rider shall be accepted by the home office of the insurance company the assignment shall remain in full force and effect until all Obligations have been paid, satisfied and discharged the Borrower shall at all times keep such policy in full force and effect, shall pay all premiums, dues and assessments thereon, and shall not cause the coverage under the policy to diminish below the amount set forth above and provision shall be made to confirm that there can be no cancellation of the policy without 30 days' prior written notice to the Bank. Inventory Insurance. To further secure the payment and performance in full of all of the Obligations and as additional Collateral hereunder, the Borrower shall cause the Bank to be named as loss-payee on an inventory policy of insurance providing coverage in an amount to be approved by the Bank, such policy to be satisfactory in form and substance to the Bank and issued by an insurer acceptable to the Bank.
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